Apartment Building with Garage
For Sale
Under Contract
$2,150,000
328 N 2nd St, Montebello, CA 90640
Residential Income, Montebello, CA
Property Size7,559 SF
Lot Size0.33 Acres
Price / SF$284.43
Days on Market148
Property Features for 328 N 2nd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MNR3YY
Bedrooms
16
Bathrooms
8
Full bathrooms
1
Rooms
Bedroom 14, Bathroom 2, Bedroom 12, Bathroom 7, Bedroom 2, Bathroom 3, Bathroom 6, Bedroom 15, Bedroom 11, Bathroom 4, Bedroom 3, Bedroom 7, Bedroom 4, Bathroom 8, Bedroom 6, Bedroom 9, Bedroom 1, Bedroom 10, Bedroom 8, Bedroom 13, Bedroom 5, Bathroom 1, Bedroom 16, Bathroom 5
Parking
8
Parking features
Garage
Directions
Situated on North 2nd Street in Montebello, between West Harding Ave and West Madison Ave. The nearest major intersection of East Beverly Blvd and North Poplar Ave.
Subdivision
Montebello
Standard status
Active Under Contract
APN
6346-006-004
Size
7,559 SF
Lot size
0.33 Acres
Utilities
Cooling system
Wall Unit(s)
Amenities
garage parking
laundry hookups
private rear entrances
Building Details
Year built
1947
Floors in Building
2
Number of units
8
Listing Agency:
Remax Commercial and Investment Realty · RE/MAX International
(213) 817-1000
Listed By:
Shant Sherbetdjian · License #01713570
(626) 657-8150
Added: Apr 21
Changed: Sep 12
Last Checked: Sep 15 at 5:06AM
MLS# 26748163
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,559-square-foot apartment building, constructed in 1947, contains residences described as two-bedroom, one-bathroom layouts averaging nearly 900 square feet. Individual units include garage parking, laundry hookups, private rear entrances, and wall-unit cooling. The main electrical panel has been updated, and the property encompasses 0.3317 acres.
Located at 328 N 2nd St in Montebello, the property is within walking access of retail and dining along Beverly Blvd. Zoning is identified as MNR3YY. The asset is subject to California’s AB 1482 ordinance and is not governed by local rent control, as stated in the property information.
The property information also identifies potential for multiple ADUs, subject to buyer verification, along with projected rental upside of approximately 75%.
Located at 328 N 2nd St in Montebello, the property is within walking access of retail and dining along Beverly Blvd. Zoning is identified as MNR3YY. The asset is subject to California’s AB 1482 ordinance and is not governed by local rent control, as stated in the property information.
The property information also identifies potential for multiple ADUs, subject to buyer verification, along with projected rental upside of approximately 75%.
Key Highlights
- 7,559‑square‑foot apartment building on 0.3317 acres
- Residence layouts described as 2 bedrooms and 1 bathroom, averaging nearly 900 square feet
- Garage parking, laundry hookups, private rear entrances, and wall‑unit cooling
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$121,630
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,432,600
$2.4M
Cap Rate 7%
$1,737,571
$1.7M
Cap Rate 9%
$1,351,444
$1.4M
Market Conditions
NOI Build-Up for 7,559 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$240.4K $31.80/SF
− Vacancy
−$19.2K −$2.54/SF
EGI
$221.1K $29.26/SF
− OpEx
−$99.5K −$13.17/SF
NOI
$121.6K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,432,600
Cap Rate 7%
$1,737,571
Cap Rate 9%
$1,351,444
Alternative Uses
Best Use
Apartment 5plus
$1.74M
$1.52M – $2.03M
NOI $121,630 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.72M
NOI $283,294 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 90640, CA
62,678
Population
20,438
Households
3.1
Avg Household Size
38
Median Age
22%
College-Educated
74%
High-School Grad
8.3 sq mi
ZIP Area
7,552
Density / Sq Mi
$74,833
Median Household Income
$37,983
Median Earnings
$1,771
Median Rent
$660,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom residences include private rear entrances, laundry hookups, and wall-unit cooling.
Where is this apartment building located?
The property is located at 328 N 2nd St Montebello, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 7,559‑square‑foot apartment building on 0.3317 acres; Residence layouts described as 2 bedrooms and 1 bathroom, averaging nearly 900 square feet; Garage parking, laundry hookups, private rear entrances, and wall‑unit cooling
